A comprehensive and systematic approach to the study of safety, the prevention of accidents, and the minimization of their effects on people, processes, and equipment. Derived from an insurance term for the financial loss incurred due to (p. 226) an accident, it considers the cost of replacing damaged plant, third-party claims, loss of production and sales. The whole system is examined in detail in order to ensure process efficiency and safety can be achieved within reasonable economic limitations. Within process design, safety and loss prevention considers the identification and assessment of the hazards, their control such as containment of flammable and toxic materials, the control of the process through the provision of control systems, alarms, trips, and operating practices, and the limitation of damage and injury through pressure relief, plant layout, and provision of fire-fighting equipment.